Article Image
IPFS News Link • European Union

Futures Surge After EU Reaches "Truly Historic" Pandemic Bailout Deal

•, Tyler Durden

Eminis also got a boost to surpass their June 8 highs thanks to a better-than-expected quarterly profit from IBM, a beat from Coke and on hopes for even more domestic stimulus to prop up an economy reeling from the COVID-19 pandemic.

The EU agreement paves the way for the European Commission to raise billions of euros on capital markets on behalf of all 27 states, an unprecedented act of solidarity in almost seven decades of European integration. Summit chairman Charles Michel called the accord, reached at a 5.15 a.m. (0315 GMT), "a pivotal moment" for Europe.

European shares rallied to four-month highs on Tuesday with the Euro Stoxx 50 rising as much as 1.9% during London morning, and the euro touched a four-month high of $1.1470 as both the rumor and the news of the EU deal were bought. Stocks in Italy, likely the biggest beneficiary, added more than 2% and led gains among local exchanges that mostly outperformed U.S. equity futures. Norway's Adevinta ASA surged as much as 39% after agreeing to buy EBay's online classifieds business for $9.2 billion.

Free Talk Live